ETH-“Momentum Required”

1-Day Analysis:

Big Picture: From the pattern support range, Ethereum has showed a spectacular response. Ethereum’s session range yesterday was 8.30%, and it finished the day with gains of 6.80%. Furthermore, price is attempting to push above the channel barrier, which is a favorable indication for the price. Meanwhile, once price begins to flip the immediate horizontal resistances, it is expected to gather speed and confirmation. 

On the Upside Ethereum is challenging the 2080 resistance level and appears to be on the verge of breaking it. However, Ethereum will still have some difficulties at the levels of 2115, 2140, and 2160. As price begins to break through these levels, hyper momentum may be witnessed, causing price to advance towards 2280, followed by 2310 levels in the upcoming sessions. 

On the Downside immediate primary support is being developed at 2060 levels. The next intra-day support level below this level is at 2040. Meanwhile, as long as the range exists, Ethereum will have various intra-day supports. However, its key supports will remain at the 1935 to 1915 levels. These are critical support levels since a break below them triggers a wave of downward for the pair, even if only in the short term.